[Anonymous]

Hello everyone,

this will be the first time I am taking the CPA exam and I am using Becker materials to study for it.

I just finished F1 (Accounting Standards and the basics), but now F2 moves to Matching(Rev & Expenses), Foreign Currency, etc) and a lot of it has to do with journal entries and calculating the balances for the accounts in Income Statement or Balance sheets.

It seems to me that the lecture from Becker and the textbook provided was very broad and didn’t cover the journal entries for a lot of topics.

So now, as I am doing the homework multiple choice questions, I am really confused on a lot of the questions since I forgot majority of my knowledge in the basic journal entries material.

I was wondering for anyone who used Becker for FAR, how did you refresh/learn the journal entries that wasn’t covered in the textbook/lecture?

Did you just learn from the answers from the multiple choice?

Thanks.

[Anonymous]

I would say that 95% of what I learned came from doing the multiple choice questions

[Anonymous]

I would say that 95% of what I learned came from doing the multiple choice questions

[Anonymous]

Thanks for your input!

I will try to learn what I can from the multiple choice as well.

I'm having trouble remember the basic journal entry rules (ex. Revenues are credit, Expenses are debit)

I have another question if anyone can answer on prepaid accounts. How are these written in the journal entries?

Ex: If I pay $300 for 3 years of insurance on 12/1/2012, how will the entry look like?

Would it be:

On 12/1/2012: Debit “Prepaid insurance”, Credit “Cash”

On 12/31/2012 (if its the fiscal year): Debit “Prepaid expense” Credit “Prepaid insurance” to reverse it for 1/36 months.

And continue until 3 years have passed?

F2 seems to ask a lot of these changes in I/S and B/S accounts and what they affect, cash to accrual, etc. And I feel like I am not grasping the material since I forgot most of what affects what.

[Anonymous]

Thanks for your input!

I will try to learn what I can from the multiple choice as well.

I'm having trouble remember the basic journal entry rules (ex. Revenues are credit, Expenses are debit)

I have another question if anyone can answer on prepaid accounts. How are these written in the journal entries?

Ex: If I pay $300 for 3 years of insurance on 12/1/2012, how will the entry look like?

Would it be:

On 12/1/2012: Debit “Prepaid insurance”, Credit “Cash”

On 12/31/2012 (if its the fiscal year): Debit “Prepaid expense” Credit “Prepaid insurance” to reverse it for 1/36 months.

And continue until 3 years have passed?

F2 seems to ask a lot of these changes in I/S and B/S accounts and what they affect, cash to accrual, etc. And I feel like I am not grasping the material since I forgot most of what affects what.

[Author]

Replies